Home
UAE
Dubai

Dubai’s DMCC signs agreement with Brooklyn Chamber of Commerce

The two entities will work together on a number of initiatives to promote bilateral trade and support the expansion of American businesses in Dubai

by Zainab Mansoor

June 10, 2022

The Dubai Multi Commodities Centre (DMCC) has signed an agreement with Brooklyn Chamber of Commerce to bolster Dubai-US relations.

The agreement will see the two entities work together on several initiatives to promote bilateral trade. DMCC will work with the Brooklyn Chamber to support New York-based businesses in setting up their operations in the emirate. Similarly, the partnership will look to facilitate the expansion of DMCC’s member companies into the US market, Dubai Media Office reported.

The agreement will also see Brooklyn Chamber of Commerce promote the services offered by DMCC’s Dubai Diamond Exchange (DDE), Tea Centre and Coffee Centre to commodities businesses within the New York business community. The UAE is a key player for the trade of rough diamonds, with over $22.8bn of them traded in 2021, with the agreement looking to expand the country’s polished diamond trade market.

Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC, said: “Both New York and Dubai are hyper-connected business hubs that share a forward-thinking dynamic landscape for trade. As Brooklyn continues to evolve, we look forward to working alongside the Brooklyn Chamber of Commerce, its future-driven organisation and 62,000 members, by providing them a path to grow and thrive in Dubai.”

“Brooklyn has a well-earned reputation as an international brand and has long been known as a bridge to the world,” said Brooklyn Chamber president and CEO, Randy Peers. “We are happy to partner with DMCC to promote culture and commerce.”

DMCC has become home to over 21,000 member companies, from large multinationals through to SMEs and entrepreneurs. The centre currently houses over 650 American companies.

In Q1 2022, 665 new companies registered in the freezone – making it the best first quarter since its inception 20 years ago, and representing a 25 per cent increase compared to the five-year average.

Read: UAE’s DMCC records 665 new company registrations in Q1 2022